Ming Chi, the 38,830 dwt tanker built in 1993, will be handed to a China-based demolition yard by 27 October, according to CSDC.
The Chinese oil tanker shipping firm said the aging tanker would require more than RMB10m in maintenance and upgrading costs if it were to carry on operating until 2014. The single-hull tanker is due to be phased out by January 2015.
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